The federal Securities and Exchange Commission has dropped the hammer on a pair of former Apple execs — Nancy Heinen and Fred Anderson — for their roles in the fraudulent backdating of stock options, the agency announced today.
From an IDG News Service report:
Heinen helped backdate options given to Apple’s top officers, causing the company to under-report its expenses by almost $40 million, according to the SEC.
The agency filed similar charges against Apple’s former chief financial officer, Fred Anderson, but simultaneously settled that case. Anderson will pay $3.5 million in penalties in response to SEC charges that he should have noticed Heinen’s actions and corrected the company’s financial statements, the SEC said.
Statement here from Anderson via his attorney. Says he didn’t do anything wrong, and “Fred Anderson remains proud of his accomplishments as a former CFO and Board member at Apple.”
How the company grants stock options today is expected to be an issue at Apple’s annual meeting on May 10.
